EVERTEC Announces CFO Transition

August 08, 2018 04:05 PM Eastern Daylight Time

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--EVERTEC, Inc. (NYSE: EVTC) (“Evertec” or the “Company”) today announced
that Executive Vice President and Chief Financial Officer (CFO) Peter
J.S. Smith has decided to leave the Company effective September 6, 2018
and pursue other opportunities.

While Evertec conducts a search for a successor CFO, Vice President of
Finance, Joaquín Castrillo, will serve as interim CFO. Mr. Castrillo
joined the company in 2012 and has held positions of increasing
responsibility, currently leading the financial planning and treasury
functions. Mr. Castrillo is also a certified public accountant and
previously worked for PwC.

"I personally want to thank Peter for his many contributions to Evertec.
He leaves the company in a stronger financial position and we wish him
success in his new endeavors. I have great confidence in Joaquín and our
finance team. Our focus will continue to be Puerto Rico’s rebounding and
rebuilding, our expanding opportunities in Latin America, and our solid
execution," said Mac Schuessler, President and Chief Executive Officer.

The Company has retained an executive search firm and begun a formal
search for a successor CFO. The Company plans to evaluate internal and
external candidates.

About Evertec

EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction
processing business in Latin America, providing a broad range of
merchant acquiring, payment processing and business solutions services.
The Company manages a system of electronic payment networks that process
over two billion transactions annually and offers a comprehensive suite
of services for core bank processing, cash processing and technology
outsourcing. In addition, Evertec owns and operates the ATH® network,
one of the leading personal identification number (“PIN”) debit networks
in Latin America. Based in Puerto Rico, the Company operates in 26 Latin
American countries and serves a diversified customer base of leading
financial institutions, merchants, corporations and government agencies
with “mission-critical” technology solutions. For more information,
visit www.evertecinc.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking
statements” within the meaning of, and subject to the protection of, the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
factors that may cause the actual results, performance or achievements
of Evertec to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by, or that otherwise
include the words “believes,” “expects,” “anticipates,” “intends,”
“projects,” “estimates,” and “plans” and similar expressions of future
or conditional verbs such as “will,” “should,” “would,” “may,” and
“could” are generally forward-looking in nature and not historical
facts. Any statements that refer to expectations or other
characterizations of future events, circumstances or results are
forward-looking statements.

Various factors that could cause actual future results and other future
events to differ materially from those estimated by management include,
but are not limited to: the Company’s reliance on its relationship with
Popular for a significant portion of revenue; our ability to renew our
client contracts on terms favorable to us; the effectiveness of our risk
management procedures; our dependence on our processing systems,
technology infrastructure, security systems and
fraudulent-payment-detection systems, and the risk that our systems may
experience breakdowns or fail to prevent security breaches or fraudulent
transfers; our ability to develop, install and adopt new technology; a
decreased client base due to consolidations in the banking and
financial-services industry; the credit risk of our merchant clients,
for which we may also be liable; the continuing market position of the
ATH® network; reduction in consumer confidence leading to decreased
consumer spending; the Company’s dependence on credit card associations;
regulatory limitations on our activities, including the potential need
to seek regulatory approval to consummate transactions, due to our
relationship with Popular and our role as a service provider to
financial institutions; changes in the regulatory environment and
changes in international, legal, tax, political, administrative or
economic conditions; the geographical concentration of the Company’s
business in Puerto Rico; operating an international business in multiple
regions with potential political and economic instability; increased
compliance risks associated with operating an international business;
operating in countries and counterparties that put us at risk of
violating U.S. sanctions laws; our ability to execute our expansion and
acquisition strategies; our ability to protect our intellectual property
rights; our ability to recruit and retain qualified personnel; our
ability to comply with federal, state, and local regulatory
requirements; evolving industry standards; the Company’s high level of
indebtedness and restrictions contained in the Company’s debt
agreements; and the Company’s ability to generate sufficient cash to
service the Company’s indebtedness and to generate future profits.

Consideration should be given to the areas of risk described above, as
well as those risks set forth under the headings “Forward-Looking
Statements” and “Risk Factors” in the reports the Company files with the
SEC from time to time, in connection with considering any
forward-looking statements that may be made by the Company and its
businesses generally. We undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless we are required to
do so by law.